European Union lawmakers have removed a controversial paragraph that would have made all proof-of-work (PoW) based cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) illegal. Proposed Ban on PoW-Based Coins Deleted The Markets in Crypto-Assets (MiCA) framework, headed by Economic and Monetary Affairs (ECON) rapporteur – Stefan Berger – was originally scheduled for February 28....Read More
As a result of the economic sanctions against Russia, the largest financial institution in the country – Sberbank – will reportedly withdraw from the European market. The organization said its subsidiaries spread around Europe face large cash outflows while the safety of its employees is threatened. Interestingly, Sberbank is one of the Russian banks that...Read More
While the Federal Reserve continues to threaten interest rate hikes amid rising inflation, the ECB has taken a different approach. Bank President Christine Lagarde stated they will “not rush into a decision,” deeming inflation as merely a short-term problem. Interest Rates Remain Unchanged As reported by CNBC, the ECB’s refinancing rate will remain at 0%....Read More
The IOTA Foundation was recently selected as a contractor for Phase 2 of the EU blockchain’s pre-commercial procurement. They will now develop prototype improvements for the European Blockchain Services Infrastructure (EBSI)’s future versions. Competing For The EU The foundation announced the commission’s support in a blog post on their site earlier today. They will be...Read More
The Austrian authorities will reportedly tax bitcoin and the altcoins with the same percentage rate as mainstream stock and bond investments starting from March next year. Bitcoin to Be Like a Stock Investment A recent Bloomberg report reads that Austria wants to create fairness between the different classes of assets and impose a 27.5% capital...Read More
Central, Northern, and Western Europe (CNWE) has grown into the world’s largest cryptocurrency economy since July 2020. The region experienced a massive increase in trading activity since then– particularly in the DeFi space. The European DeFi Boom Data from Chainalysis shows that CNWE received over $1 trillion in cryptocurrency over the last year alone. This...Read More
The non-profit IOTA Foundation is among the seven projects chosen by the European Commission to partake in the first design phase of the European blockchain initiative. A Milestone for IOTA IOTA made the announcement in a blog post published on Tuesday (September 7, 2021). According to the blockchain project, IOTA would be involved in the...Read More
According to recent research, around 60% of Europeans prefer their own countries to regulate digital assets rather than the European Union. Interestingly, a growing number of people believe the creation of national digital currencies would grant their nations some financial independence from the EU. Crypto Regulations Coming from The EU Is Not Preferable A survey...Read More
According to a fresh release, companies that transfer BTC or other cryptocurrencies must collect information about the senders and recipients if proposed EU regulations come into force. In a bid to end anonymous cryptocurrency wallets, the Europoean Commission has proposed a law that would require companies that transfer BTC and other cryptos to collect information...Read More
The European Union is set to launch a new agency to take severe measures on money laundering across its borders. Cryptocurrencies have the ability to take part in illicit financial operations as well, and the new department will put them under its scope of regulations. Crypto Under The Radar of the EU According to a...Read More
François Villeroy de Galhau – the head of the French central bank – sounded a note of caution that Europe’s monetary sovereignty faces tough times if the EU does not regulate cryptocurrencies. Without hasty action, the international role of the euro would be endangered. ‘Europe Must Be Ready’ At the annual financial conference in Paris,...Read More
Germany’s Financial Supervisory Authority is investigating Binance for its offering of tokenized shares and is already holding a preliminary opinion that doesn’t look too encouraging for the world’s leading crypto exchange. According to a legal opinion published on its official website, the Bundesanstalt für Finanzdienstleistungsaufsicht —or simply BaFin— considers that Binance would be violating securities...Read More
Robert Ophèle, chairman of France’s financial regulatory body, the Autorité des Marchés Financiers (AMF), proposed a robust approach regarding cryptocurrecy regulations in order to encourage the growth and development of innovative projects. AMF Chairman Proposes Blockchain and DeFi Testing in Pilot Regime Speaking at the just concluded 5th Annual Conference Fintech and Regulation, Ophèle stated...Read More
The largest bank in Belarus – the ASB Belarusbank – has reportedly launched a legal service enabling customers from the country and Russia to purchase cryptocurrencies. Users will be able to exchange digital assets for Belarusian and Russian rubles, US dollars, and euros directly with their Visa payment cards. Belarusbank To Allow Crypto Purchases According...Read More
As Bitcoin adoption grows more and more, concerns about the need for scalability solutions increase. Lightning Network is the most important layer-two development currently available on the Bitcoin blockchain, and it seems that North Americans are the favorite demographic for this efficiency-focused micropayment solution. The Lightning Network is a layer-two solution currently under development. It...Read More
Peter Schiff may hate Bitcoin for having no value and being the money of criminals. Still, his bank Euro Pacific Capital is not without its sins either. A joint investigation by the tax authorities of Australia, the Netherlands, Canada, the United Kingdom, and the United States has Peter Schiff’s bank targeted for allegedly facilitating tax...Read More
The Central Bank of Spain published its Strategic Plan for 2020-2024, describing the objectives and strategies it will follow to boost its economy and adapt the country’s finances to the requirements of the modern era, and a CBDC is one of its priorities. The digital world is stealing the attention of the Spaniards. In its...Read More
European Central Bank President Christine Lagarde reiterated the Eurozone central bank’s stance that the development of a digital euro is meant to complement, not replace, cash — mitigating fears that Europe’s monetary union is not pushing for a cashless society. The further solidifying of this stance from Lagarde came via yesterday’s online meeting of the...Read More
Three to five countries will completely replace their currency with a central bank digital currency by 2030, argued a recent report by a German-based fintech think tank. The document also warned that if the European Central Bank doesn’t accelerate its CBDC endeavors, the digital Yuan will overtake it but won’t disrupt the Dollar’s dominance. Countries...Read More
Crypto commerce in Ireland is about to become a lot more regulated, with lawmakers in the country ready to introduce laws targeted at combating cryptocurrency-related money laundering. Wallets and Exchanges to Come Under Scrutiny in Ireland According to the Irish Examiner, Ireland’s cabinet is set to introduce new anti-money laundering (AML) laws. These pieces of...Read More
Switzerland-based digital asset service company Bitcoin Suisse has successfully raised nearly $50 million in a Series A financing round. The company plans to utilize the funds to enhance its staking services and custodial solutions before initiating an STO. Bitcoin Suisse Raises $50M As CryptoPotato reported in May, Bitcoin Suisse AG planned to hold new funding...Read More
The Bank of Lithuania has officially launched its blockchain-based digital collector coin called LBCOIN. Although bank officials clarified that it’s not a CBDC, they suggested LBCOIN could eventually lead to releasing a central bank digital currency. Bank Of Lithuania’s Digital Collector Coin As CryptoPotato reported recently, the central bank of the Baltic country had finished...Read More
Pascal Boyart, an artist from France who became popular in the cryptocurrency community through his paintings, has finished yet another mural. This one depicts the famous Red Jester but with a twist to reflect the current problems that riddle the global economy. “Contemplation of the Red Jester” The Bitcoin community’s favorite artist, Pascal Boyart, took...Read More
According to a recent report, Lithuania may be the first nation to launch a central bank-backed digital coin in the eurozone. The country’s central bank plans a pre-sale of twenty-four thousand blockchain-based digital tokens called LBCOINs. Lithuania To Sell 24k Blockchain-based Tokens A Reuters report from earlier today informed that the Baltic country has completed...Read More
As the country officially left the European Union (EU) on January 31st, 2020, the UK has also taken steps to become more cryptocurrency-friendly. It has amended existing regulations to reduce the registration fees for crypto-related businesses. Encouraging Small Cryptocurrency Firms The UK Financial Conduct Authority (FCA), in a newly released document, has restructured the registration...Read More
The cryptocurrency market has been known, at large, for the fact that there’s a lack of regulation in certain aspects. Whether or not one considers this as a positive or negative feature, the fact of the matter is that slowly but surely, market regulators are inserting their views and rules. With so many different sorts...Read More
Strict EU crypto regulations will be enforced in January 2020 as the crypto companies and services that are based in the European Union have less than 30 days to adjust their business operations to comply with the new rules as reported in the previous crypto news. As of January 10th, the fifth Anti-money laundering directive...Read More
One of the largest American financial services corporations, Fidelity, is preparing to enter the European market with a product orientated towards digital assets. The branch called Fidelity Digital Assets is already operating in the U.S. since last year, delivering cryptocurrencies to institutional investors. Fidelity Digital Assets Enters Europe Last year, Fidelity Investments Inc, launched a...Read More
Cryptocurrency companies and services based in the EU have less than a month to adjust their business operations to comply with a new set of rules. As of January 10th, The Fifth Anti-Money Laundering Directive (5AMLD) will be in effect, requiring KYC, and monitoring all transactions. 5AMLD In Action From January Regulators across the world...Read More
The European Union is actively probing Facebook’s Libra digital currency project for competition law violations, mainstream media report. Facebook’s Libra Has ‘Potential Anti-Competitive Behavior’ According to Bloomberg, which cited official correspondence August 20, the European Commission is quizzing Libra participants via a dedicated questionnaire. The document originally appeared earlier this month, and forms Libra’s latest...Read More
